American Beacon Global Evolution Frontier Markets Income Fund

Portfolio information as of December 31, 2017

Summary

Performance

Overview

Investment Objective

The Fund’s investment objective is to seek income with capital appreciation as a secondary objective.

an alternative to traditional
global investing

Global Evolution has distinguished itself with its singular focus on and long-standing expertise in the sovereign debt of emerging and frontier market countries. “Frontier markets” typically describes smaller, less-developed markets at an earlier stage of economic and financial development than more mainstream emerging markets.

Firm inception: 2007

Portfolio Manager:

Morten Bugge, CIO; industry since 1995

investment process

Global Evolution’s investment process involves both a top-down approach to assess macroeconomic factors affecting the relationships between developed, emerging and frontier countries, and a bottom-up process to determine the countries in which the portfolio will invest.

Fund highlights:

The first and only open-end mutual fund in the U.S. to invest primarily in debt instruments of frontier market issuers.

Invests primarily in sovereign debt of frontier markets.

Over time, the Fund seeks to invest in 35 to 45 counties, 75 to 125 securities, local and hard currency dominated debt; Fund holdings are limited to 5% maximum single country exposure.*

Managed by a boutique firm that focuses exclusively on emerging and frontier market debt and is a pioneer investor in frontier market debt.

Quarterly
Fund Materials

QUICK LINKS

*Maximum country exposure is calculated based on total Fund assets, including cash, at time of purchase.

Investing in foreign, emerging and frontier market securities may involve heightened risk
due to currency fluctuations and economic and political risks. Investing in derivative
instruments involves liquidity, credit, interest rate and market risks. The use of fixed-income
securities entails interest rate and credit risks. Because the Fund may invest in
fewer issuers than a more diversified portfolio, the fluctuating value of a single holding may
have a greater effect on the value of the Fund. Please see the prospectus for a complete
discussion of the Fund’s risks. There can be no assurances that the investment objectives of
this Fund will be met.

For a prospectus containing more information, including expenses, click here. Read it carefully before you invest or send money. Past performance is no guarantee of future results.

American Beacon Funds and American Beacon Global Evolution Frontier Markets Income Fund are service marks of American Beacon Advisors, Inc.

TOTAL RETURNS

Share Class

Inception Date

CUSIP

Symbol

NAV

QTR

YTD

1 Year

3 Year*

5 Year*

10 Year / SinceInception*

Institutional

02/25/2014

024525719

AGEIX

9.54

2.34

15.32

15.32

7.24

-

6.39

Investor

02/25/2014

024525693

AGEPX

9.53

2.36

14.88

14.88

6.84

-

6.02

Y

02/25/2014

024525727

AGEYX

9.55

2.42

15.24

15.24

7.10

-

6.31

A (without max sales charge)

02/25/2014

024525743

AGUAX

9.53

2.24

14.82

14.82

6.76

-

5.96

A (with max sales charge)

02/25/2014

024525743

AGUAX

9.53

-2.66

9.42

9.42

5.04

-

4.63

C (without max sales charge)

02/25/2014

024525735

AGECX

9.50

2.11

13.93

13.93

6.03

-

5.17

C (with max sales charge)

02/25/2014

024525735

AGECX

9.50

1.11

12.93

12.93

6.03

-

5.17

Benchmark

QTR

YTD

1 Year

3 Year*

5 Year*

10 Year / Since Inception*

JPMorgan EMBI Global Diversified Index

1.16

10.26

10.26

7.11

-

7.05

Expense Ratios

Share Class

Gross

Net1

Institutional

1.41

1.16

Investor

1.73

1.54

Y

1.49

1.26

A

1.79

1.56

C

2.56

2.31

SEC 30-Day Yield

Share Class

Actual

Unsubsidized2

Institutional

8.56

8.52

Investor

8.09

8.28

Y

8.45

8.44

A

7.75

8.80

C

7.40

7.42

Performance shown is historical and is not indicative of future returns. Investment returns and principal value will vary, and shares may be worth more or less at redemption than at original purchase. Performance shown is as of date indicated, and current performance may be lower or higher than the performance data quoted. To obtain performance as of the most recent month end, click here.

Net asset value (NAV) is the value of one share of the portfolio excluding any sales charges.
*Annualized. See the performance notes on the next page for more information.

Redemption fee: 2% (as a percentage of amount redeemed; applies to the proceeds of shares redeemed within 90 days of purchase)

1The net expense ratio may reflect fees and expenses that American Beacon Advisors has contractually agreed to reduce and/or reimburse through May 31, 2018.

2The SEC 30-day yield is shown with (Actual) and without (Unsubsidized) the effect of any waivers/reimbursements during the period.

Important Information: All investing involves risk, including possible loss of principal. Indexes are unmanaged and one cannot invest directly in an index. Please note that the recent performance of the securities market has helped produce short-term returns that are not typical and may not continue in the future.

A portion of fees charged to the Institutional Class of the Fund was waived from inception through 2015, partially recovered in 2016, and waived in 2017. Performance prior to waiving fees was lower than actual returns shown through 2015 and in 2017. A portion of fees charged to the Investor Class of the Fund was waived from inception through 2015 and partially recovered in 2016. Performance prior to waiving fees was lower than actual returns shown through 2015. A portion of fees charged to the Y Class of the Fund was waived from inception through 2015, partially recovered in 2016, and waived in 2017. Performance prior to waiving fees was lower than actual returns shown through 2015 and in 2017. Specific information about any Fund may be found at americanbeaconfunds.com or in the prospectus.

American Beacon Funds and American Beacon Global Evolution Frontier Markets Income Fund are service marks of American Beacon Advisors, Inc.

Asset Allocation (%)

Fixed Income

86.6

Cash Equivalent

13.4

Cash Equivalent position may be offset by derivatives exposure.

Credit Quality (%)

AAA

0.5

BBB

3.6

BB

7.9

B

56.6

CCC

4.7

CC

1.0

Not Rated

25.7

Reflects the rating assessed by Standard & Poor's (S&P). If a security
is not rated by S&P, the rating represents the rating assessed by
Moody's as converted to the equivalent S&P major rating category.

Top 10 Country Weightings (%)

Egypt

5.3

Zambia

5.2

Nigeria

5.1

Ghana

5.0

Sri Lanka

4.9

Argentina

4.7

Ukraine

4.6

Kenya

4.1

Mongolia

3.9

Ivory Coast

3.8

Cash holdings are excluded.

currency weightings (%)

Non-U.S. dollar

60.6

U.S. dollar

39.4

S&P credit ratings for long-term obligations (or issuers thereof) are AAA, AA, A, BBB, BB, B, CCC, CC, C and D in decreasing order. For example, obligations rated AAA are judged to be of the highest quality, BBB to be of medium grade, CCC are judged to be speculative and obligations rated D are in default. Obligations rated in one of the four highest categories are considered to be investment grade while all other ratings are considered non-investment grade.

This may contain information obtained from third parties, including ratings from credit ratings agencies such as Standard & Poor's. Reproduction and distribution of third-party content in any form is prohibited except with the prior written permission of the related third party. Third-party content providers do not guarantee the accuracy, completeness, timeliness or availability of any information, including ratings, and are not responsible for any errors or omissions (negligent or otherwise), regardless of the cause, or for the results obtained from the use of such content. THIRD-PARTY CONTENT PROVIDERS GIVE NO EXPRESS OR IMPLIED WARRANTIES, INCLUDING, BUT NOT LIMITED TO, ANY WARRANTIES OF MERCHANTABILITY OR FITNESS FOR A PARTICULAR PURPOSE OR USE. THIRD-PARTY CONTENT PROVIDERS SHALL NOT BE LIABLE FOR ANY DIRECT, INDIRECT, INCIDENTAL, EXEMPLARY, COMPENSATORY, PUNITIVE, SPECIAL OR CONSEQUENTIAL DAMAGES, COSTS, EXPENSES, LEGAL FEES OR LOSSES (INCLUDING LOST INCOME OR PROFITS AND OPPORTUNITY COSTS OR LOSSES CAUSED BY NEGLIGENCE) IN CONNECTION WITH ANY USE OF THEIR CONTENT, INCLUDING RATINGS. Credit ratings are statements of opinions and are not statements of fact or recommendations to purchase, hold or sell securities. They do not address the suitability of securities or the suitability of securities for investment purposes and should not be relied on as investment advice.

American Beacon Funds and American Beacon Global Evolution Frontier Markets Income Fund are service marks of American Beacon Advisors, Inc.